Giving Thanks and Giving Back: 7 Ways to Give Back Through Your Planned Giving

“Now is the perfect time to take action on your charitable giving plan,” said Elliot Dole, CFP®, EA, AEP®, CExP™, CAP® Wealth Advisor at Buckingham Strategic Wealth, LLC (“Buckingham” or “Buckingham Strategic Wealth”). “Once you’re clear on the causes you wish to support, consider the variety of options available to help you make the biggest impact while keeping investment strategy in mind.”

Following are seven tips for planning to ensure you meet your charitable mission and maximize investment and tax opportunities as 2021 draws to a close:

1. Define your personal charitable mission. This will help you reach your ultimate goal.
2. Take a multi-year, multi-generational look at how pre-tax IRAs can be used to fund your charitable aspirations.
3. Claim a deduction without itemizing up to $300 ($600 for married filers) for cash contributions made to qualifying charities during 2021.
4. Group multiple years’ contributions to a donor advised fund – but don’t go too far. Consider long term planning to make charitable contributions from IRA dollars after age 70 ½.
5. Combine a Roth conversion with a donation - a large charitable gift or meeting a pledge could make generating income from a Roth conversion compelling.
6. Timing a contribution doesn’t have to be all at once. A commitment can go a long way for an organization, funded over multiple years.
7. Make your charitable contributions by December 31st. Charitable contributions must be made by the end of the year to be counted as deductions on your 2021 tax return.

It is never too early to establish a giving strategy that speaks to your values. This strategy can evolve over time according to your giving preferences and financial circumstances.

“Laying the groundwork now to achieve your legacy goals is key, and can even position your family to make or receive gifts in the future,” Dole said. “Reach out to your wealth advisor today to start planning.”

The above strategies are for general and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Individuals should speak with a qualified professional based on their own circumstances.

About Buckingham Strategic Wealth

Buckingham Strategic Wealth (“BSW”), a Securities and Exchange Commission registered investment advisor providing an extensive range of fiduciary financial advisory services, supports individuals, families, nonprofits and organizations. With a passion to progress, serve, and do the right thing for clients at all times, Buckingham Strategic Wealth helps to fulfil client’s financial dreams using the organization’s proprietary Design. Build. Protect.™ methodology and an array of evidence-driven investment and planning strategies.

Headquartered in St. Louis, MO, Buckingham Strategic Wealth has 44 offices in 22 states. BSW along with the community of independent advisors that make up Buckingham Strategic Partners collectively manage or administer more than $60 billion dollars of assets (as of June 30, 2021). For more information, visit www.BuckinghamStrategicWealth.com.